Today, the Digital Assets, Financial Technology, and Inclusion Subcommittee, part of the House Financial Services Committee, held a hearing on digital assets and its current regulatory environment. Entitled Dazed and Confused: Breaking Down the SEC’s Politicized Approach to Digital Assets, individuals testifying addressed the current regulatory environment or lack of regulation for the digital asset industry. Several pending bills were submitted as part of the hearing. They are as follows:
- H.R. 5741, the “Uniform Treatment of Custodial Assets Act”
- Clarifies the custody requirements for digital assets and financial institutions
- H.R.___, the “New Frontiers in Technology (NFT) Act”
- Identifies NFTs or non fungible tokens as non-securities
- H.R.___, the “Securing Innovation in Financial Regulation Act”
- Codifies the Strategic Hub for Innovation and Financial Technology of the Securities and Exchange Commission and LabCFTC of the Commodity Futures Trading Commission
- H.R.___, the “Bridging Regulation and Innovation for Digital Global and Electronic (BRIDGE) Digital Assets Act”
- The CFTC and SEC shall jointly establish the Joint Advisory Comimittee on Digital Assets
- H.R. ___, To codify the special purpose broker dealer, and for other purposes
- Special Purpose Broker Dealers access to qualified tokenized securities or stablecoins and the capability to transfer them using distributed ledger technology
While these bills may make sense, the fractured Congress means passing any legislation is difficult – especially with the Senate being controlled by the Democrats.
The Hearing may be viewed here: